Find all School-related info fast with the new School-Specific MBA Forum

 It is currently 03 Jun 2015, 10:08

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

An auto dealership sold one car making a 10% profit and one

Author Message
TAGS:
Director
Joined: 12 Jun 2006
Posts: 534
Followers: 1

Kudos [?]: 31 [0], given: 1

An auto dealership sold one car making a 10% profit and one [#permalink]  13 Feb 2007, 21:46
An auto dealership sold one car making a 10% profit and one car with a 10% loss. At the end of the month, the dealership figured that it has made a 5% profit from these two sales. How much was the cheapest car if the dealership earned a profit of $1000.00? 10K 9K 7K 5K 3K I started like this: 1.1X + .90Y = 1000 Can anyone finish this off? VP Joined: 28 Mar 2006 Posts: 1383 Followers: 2 Kudos [?]: 20 [0], given: 0 [#permalink] 14 Feb 2007, 05:49 9K is the cheapest price of the car Director Joined: 05 Feb 2006 Posts: 901 Followers: 1 Kudos [?]: 52 [0], given: 0 [#permalink] 14 Feb 2007, 06:55 x - the price of the more expensive car y- the price of the cheaper car We know that 5% of two sales equal 1000, thus z*0.05=1000 z=20.000 this is the total revenue received after two sales Construct two equations 0.1x-0.1y=1000 x+y=20000.....divide by 10 0.1x-0.1y=1000 0.1x+0.1y=2000 Add the two equations together (2/10)x=3000 2x=30000 x=15.000 The more expensive car was sold for 15.000 The cheaper car was sold for 20.000-15.000=5.000 D Senior Manager Joined: 01 Sep 2006 Posts: 302 Location: Phoenix, AZ, USA Followers: 1 Kudos [?]: 15 [0], given: 0 5k [#permalink] 14 Feb 2007, 11:38 An auto dealership sold one car making a 10% profit and one car with a 10% loss. At the end of the month, the dealership figured that it has made a 5% profit from these two sales. How much was the cheapest car if the dealership earned a profit of$1000.00?

10K
9K
7K
5K
3K

Let Cost be X and Y

1.1X+0.9Y = 1.05 (X+Y) i.e. 5% of x+y

.05X=0.15Y==> x=3y

Profit 5% of (x+y) ==> 5(x+y)/100 = 1000
(3y+y)(5/100)=1000
20y/100=1000

y=5000
VP
Joined: 28 Mar 2006
Posts: 1383
Followers: 2

Kudos [?]: 20 [0], given: 0

Re: 5k [#permalink]  14 Feb 2007, 15:36
Damager wrote:
An auto dealership sold one car making a 10% profit and one car with a 10% loss. At the end of the month, the dealership figured that it has made a 5% profit from these two sales. How much was the cheapest car if the dealership earned a profit of \$1000.00?

10K
9K
7K
5K
3K

Let Cost be X and Y

1.1X+0.9Y = 1.05 (X+Y) i.e. 5% of x+y

.05X=0.15Y==> x=3y

Profit 5% of (x+y) ==> 5(x+y)/100 = 1000
(3y+y)(5/100)=1000
20y/100=1000

y=5000

This is good explanation
Director
Joined: 12 Jun 2006
Posts: 534
Followers: 1

Kudos [?]: 31 [0], given: 1

Quote:
.05X=0.15Y==> x=3y
x=3y tells us that y is the cheaper car ... right?
Great solution by the way.
Director
Joined: 12 Jun 2006
Posts: 534
Followers: 1

Kudos [?]: 31 [0], given: 1

Also,
Would 1.1X+0.9Y = .05 (X+Y) or 1.1X+0.9Y = 1000 work? Why or why not? After all, 1.1X+0.9Y = a profit of 5%. Logically, shouldn't these other 2 alternatives work? I tried them. They don't seem to.
Similar topics Replies Last post
Similar
Topics:
1 Of the 25 cars sold at a car dealership, some had auto 4 07 Sep 2010, 13:08
28 A used car dealer sold one car at a profit of 25 percent of 12 23 Jul 2008, 21:15
An auto dealership sold the first car with a 10% profit and 5 10 Apr 2008, 20:52
An auto dealership sold one car with a 10% profit and one 5 11 Oct 2007, 18:40
A used-car sold one car at a profit of 25 percent of the 1 08 Sep 2006, 09:54
Display posts from previous: Sort by